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Bizongo raises $50 million funding from existing investors

Economic Times

Economic Times · 1y ago

Bizongo raises $50 million funding from existing investors

Mumbai-based B2B vendor-digitisation platform, Bizongo, has raised approximately $50 million in a Series-E funding round led by Schroder Adveq. The funding, which comes from existing investors, values the company at $980 million - a 63% increase compared to the previous round. Bizongo aims to turn profitable before March 2024 and is currently in advanced discussions for an acquisition. The company offers software-based vendor management, supply-chain automation, and financing solutions. It has partnerships with over 40 banks and financial companies to arrange loans for SME vendors.

Related News

Bizongo lays off about 50 staffers after closing $50 million round

Economic Times

Economic Times · 1y ago

Bizongo lays off about 50 staffers after closing $50 million round

Bizongo, a business-to-business vendor-digitisation platform, has laid off around 50 employees, accounting for about 15% of its workforce, following a funding round of $50 million. The Mumbai-based startup, which offers vendor management and supply-chain automation services, made the decision to drive sharper focus on key business priorities. The funding round, led by existing investors, valued Bizongo at $980 million. The company aims to improve its performance and restructure itself as it seeks profitability.

Tiger Global-funded Bizongo raises $50 Mn in Series E

Entrackr

Entrackr · 1y ago

Tiger Global-funded Bizongo raises $50 Mn in Series E

Bizongo, an e-commerce focused packaging company, has raised $50 million in a Series E funding round led by existing investor Schroder Adveq. The funding, which values the startup at $980 million, comes after a gap of over a year. Bizongo offers vendor management, supply chain automation, and supply chain financing services to its enterprise customers. The company aims to post a profit before tax in the fiscal year ending March 2024.

Third Wave Coffee raises $35 million in funding round led by Creaegis

Economic Times

Economic Times · 1y ago

Third Wave Coffee raises $35 million in funding round led by Creaegis

Third Wave Coffee, a Bengaluru-based coffee chain, has raised $35 million in new funding. The round was led by private equity firm Creaegis, with participation from existing investors including WestBridge Capital. The company is now valued at around $150 million and plans to use the funding to expand its store presence in existing markets and enter new cities. With 105 stores currently, Third Wave Coffee aims to add another 50-60 stores across metros and tier-1 cities this year. The coffee brand is part of the growing coffee culture in India.

Bizongo acquires Titan Capital-backed FactoryPlus

Livemint

Livemint · 1y ago

Bizongo acquires Titan Capital-backed FactoryPlus

Vendor digitization platform Bizongo has announced the acquisition of FactoryPlus, a factory digitization app for micro, small, and medium enterprises (MSMEs). The move aims to digitalize MSME businesses through a mobile solution. FactoryPlus's founders and team will join Bizongo, which marks Bizongo's third acquisition. The acquisition follows Bizongo's reported $50 million Series E funding round led by Schroder Adveq. Bizongo plans to integrate FactoryPlus's mobile-first software-as-a-service capabilities to offer AI-powered solutions for local manufacturers, enabling them to source raw materials and facilitate embedded financing.

Bizongo lays off 15% employees shortly after announcing $50 Mn fundraise

Entrackr

Entrackr · 1y ago

Bizongo lays off 15% employees shortly after announcing $50 Mn fundraise

E-commerce packaging company Bizongo has laid off 15% of its workforce, approximately 50 employees, shortly after securing $50 million in funding. This is the second round of layoffs for the company, with the first occurring in June 2020. Bizongo offers digital vendor management and supply chain services to its enterprise customers. The company aims to achieve profitability by FY24. The layoff comes amidst a challenging time for the Indian startup ecosystem, with over 15,000 job cuts reported in the first nine months of the year.

Noida's Sindhuja Microcredit raises $14.5M led by GAWA Capital, Oikocredit

IndianStartupNews

IndianStartupNews · 1y ago

Noida's Sindhuja Microcredit raises $14.5M led by GAWA Capital, Oikocredit

Noida-based microfinance firm, Sindhuja Microcredit, has raised $14.5 million in a Series C funding round with participation from GAWA Capital and Oikocredit, along with existing investors. The company aims to expand its services to rural areas and female borrowers in India's underserved farming community. It plans to use the funding to expand into new regions, introduce new product lines, and achieve 50% business growth by 2025. Founded in 2018, Sindhuja Microcredit has provided micro-loans to over 400,000 self-employed women micro-entrepreneurs across India.

Tiger Global-backed Bizongo beefs up top deck with former AmEx, Amazon Pay execs

VCCircle

VCCircle · 11m ago

Tiger Global-backed Bizongo beefs up top deck with former AmEx, Amazon Pay execs

Bizongo, a B2B platform backed by Tiger Global, has made several new appointments to its leadership team. Former American Express executive Gaurav Singhania has been named as the Chief Financial Officer, while ex-Amazon Pay executive Amol Wanjari has been appointed as the Chief Technology and Product Officer. The announcement comes amidst reports of a complaint filed by Bizongo against an employee for misappropriation of funds, leading to the departure of the company's CFO. Additionally, Bizongo is expanding two of its business verticals, with Kiran Dev becoming the CEO of BizongoFin, the supply chain financing arm, and Prahlad Krishnamurthi taking over as CEO of BizongoBuy, a marketplace for small and medium businesses to purchase raw materials. The company recently raised $50 million in its Series E funding round, valuing it at approximately $980 million.

Qure.ai Eyes Up To $60 Mn Funding To Push Its Radiology Diagnosis Play

Inc42 · 11m ago

Qure.ai Eyes Up To $60 Mn Funding To Push Its Radiology Diagnosis Play

Mumbai-based medtech startup Qure.ai is planning to raise $50-60 million in a funding round led by Lightspeed. The round is expected to include a secondary deal along with primary capital from existing investors. Lightspeed is looking to invest $20-25 million and may also purchase some secondary shares.

AI startup Blaize raises $106 million in funding

Economic Times

Economic Times · 1y ago

AI startup Blaize raises $106 million in funding

Blaize, an AI computing firm, has secured $106 million in funding from a range of investors including Mercedes-Benz and Temasek. Existing investors such as Bess Ventures, Franklin Templeton, and Denso, as well as new investors Rizvi Traverse, Ava Investors, and BurTech LP, also participated in the funding round. The company, which provides computing solutions for various sectors including automotive, security, and retail, previously raised $224 million. Blaize had announced plans to go public through a SPAC deal with BurTech Acquisition in December. The funding highlights the continued investor interest in the AI sector.

TradeCred files criminal complaint against Bizongo, alleges Rs 69 crore fund misappropriation - The Economic Times

Economic Times

Economic Times · 1m ago

TradeCred files criminal complaint against Bizongo, alleges Rs 69 crore fund misappropriation - The Economic Times

TradeCred has filed a criminal complaint against Bizongo, its executives, and investors, alleging Rs 69 crore misappropriation in funds. The complaint, filed with Mumbai Police's Economic Offences Wing, accuses Bizongo of double recovery by collecting payments directly rather than through required escrow accounts, violating contractual agreements. While Bizongo denies wrongdoing, claiming repayments were made correctly, TradeCred seeks to convert the claim into equity. Bizongo shifted focus from supply chain finance post-allegations.

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